The Economy and Monetary Actions at Midyear: Review and Prospects
The Council of Economic Advisers (CEA), in their Annual Report of last January, projected a rapid advance in GNP for 1972. Real product growth was expected to be strong, and the rate of inflation was projected to decline significantly by the end of the year. This article examines the CEA’s projections for 1972 in light of economic developments in the first two quarters.
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